Figure 1: Digital infrastructure share price changes September 2025

Source: Firehawk

Key developments

Overall, listed digital infrastructure stocks in the region have seen wide spreads in performance among the group. Growth in cloud and AI is improving sentiment towards DC stocks, but economic growth is expected to be sluggish relative to previous years, creating uncertain performance for Digital Infrastructure equities. More recently, an investor turn against tech stocks and “AI hype” has weighed on the sector.

Macquarie Technology 

Macquarie Technology’s stock rose by around 4% during September, despite no material company announcements. The stock has offset some of its losses in August, when investors were displeased with the company’s FY25 results released during that month. FY26 guidance flagged only modest group EBITDA growth in FY26. Management expects Telecom’s EBITDA to fall back to around $20m, returning to FY23 levels, amid persistent pricing pressure and margin compression. 

NEXTDC

NEXTDC’s stock continued its run during September where it rose by 2.5%. The company did not release any price sensitive announcements during the month but did appoint two new board members (Deborah Page and Jamaludin Ibrahim). At the end of August, the company released strong FY25 results with total revenue up 6% to $427.2m and net revenue rising 14% to $350.2m, exceeding guidance. Underlying EBITDA increased 6% to $216.7m, while capital expenditure reached $1.7bn, above forecast. The company achieved record contracted sales of 72.2MW, including a foundational hyperscale order in Kuala Lumpur, and expanded its Forward Order Book to 134MW, representing 121% of billing utilisation. 

Adisyn

Adisyn’s stock declined by around 20% during the month, despite no price sensitive announcements being release by the micro-cap stock. On September 30 the company released its FY25 annual report where the company’s directors highlighted the acquisition of 2D Generation Limited as a major milestone for the company. The report noted that the acquisition strengthened the company’s position in advanced semiconductor technologies. The deal, supported by an equity raise, provides access to 2DG’s innovative graphene-based interconnect solutions, enhancing Adisyn’s expertise in AI, cybersecurity, and next-generation semiconductor applications.

Figure 2: Digital infrastructure valuation multiples

Source: Firehawk

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